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In today's financial landscape, managing delinquency rates effectively is crucial for businesses and lenders. High delinquency rates not only impact cash flow but also damage customer relationships and increase operational costs. But what if you could spot these hazards from miles away, navigating around them entirely rather than scrambling to repair damage after collision?
In a concerning development for India's digital banking ecosystem, cybersecurity researchers have discovered a highly advanced malware campaign called "FatBoyPanel" that targets Indian bank users specifically. The campaign has already stolen about 50,000 users' sensitive financial data and is still spreading fast using misleading messaging strategies.
India's financial sector is experiencing a significant transformation. The digital lending market in India is expected to reach a size of around USD 515 billion by 2030, and has become a fundamental element of financial inclusion and economic advancement. The extensive use of smartphones and high-speed internet has made credit more accessible, reaching rural communities that were previously neglected.
In today's complex financial landscape, selecting the right debt resolution platform and partner has become increasingly crucial for lending institutions across India. The challenges of debt collection & recovery extend far beyond simple payment collection, encompassing regulatory compliance, customer relationships, and operational efficiency. Let's explore the essential factors that should guide your selection process, along with the transformative role of technology in modern debt collection & recovery.
The Reserve Bank of India (RBI) plays a crucial role in shaping the financial landscape of India. Its efforts focus on maintaining stability, transparency, and fairness across financial institutions' operations. One significant area involved is debt resolution, particularly given the surge in consumer lending and the complexity behind financial products. For financial institutions, adhering to RBI’s compliance framework isn’t just about avoiding penalties—it's also about building trust and preserving their reputation in an increasingly competitive market.
Let’s face it – businesses are evolving, and with that change comes Artificial Intelligence (AI) and Machine Learning (ML), making waves even in India’s debt collection scene. With the digital lending landscape getting more complex, the old-school methods of debt collection & recovery just won’t cut it anymore in today’s lightning-fast world. Merging debt collection & recovery with AI and ML isn't just enhancing how debts are recovered; it's also reshaping the financial relationships in the world’s largest democracy! But it raises an important question: Can AI really help in collecting & recovering debts in India, or are we just hyping it up? Every revolution has its own story, so let’s dive in!
Do you ever remember when, debt collection and recovery went hand in glove with mountains of paperwork and scores of hours of a door-to-door visit? How we struggled! Those days won't be along! Indian NBFCs head the new waves of smart collection platforms that shall change the nature of collections-both for the lender as well as borrower. These changes are transforming a previously convoluted set of manual processes and paperwork into a seamless, technology-enabled system that benefits both financial companies and their consumers...
In an increasingly digital world, the debt collection & recovery landscape in India faces unique challenges that require a balanced approach between traditional and modern communication methods. While digital solutions continue to evolve, physical notice sending Intelligent “Print to Post” services remain a crucial component of effective debt recovery strategies, particularly in the Indian context where physical documentation still carries significant weight.
India's personal loan landscape is undergoing a remarkable transformation, reshaping how millions access credit in the world's fastest-growing major economy. Personal loans, once approached with caution, have become as routine as morning chai at a local tapri, marking a significant shift in consumer financial behavior.
In an era of unprecedented economic volatility, the debt collection landscape is experiencing a revolutionary transformation. As businesses navigate through rising inflation rates, shifting market dynamics, and evolving consumer behaviours, traditional recovery methods are being reimagined.
Industries around the world are undergoing a transformation of automating their business processes.
Time plays a key role in this world of law and dispatching timely legal notices becomes an essential part for banks and financial institutions issuing legal notices, they initiate the process of dispatching debt collection & recovery legal notices. Mobicule’s solution Intelligent “Print-to-post” aims to address this issue with its efficiency and cost-effectiveness, with one single click automated, fully secured solution.
Back in the days, the debt collection & recovery process used to heavily rely on the traditional methods of collection involving heavy manual intervention, making the entire process time consuming and inefficient. With combining the physical aspect of collection along with latest digital technology, Mobicule’s mcollect has successfully implemented their phygital platform.
Siddharth Agarwal - Director
With the introduction of technological advancements, the banking and financial landscape is continuously evolving and digital communication is playing a key role. As the banking sector, a linchpin of global commerce, continues to evolve, it needs to meet the emerging challenges of an increasingly digital world. This seismic shift showcases how pivotal digital communication has become.
Shyam Yadav - Product Architect
With the advent of the latest technologies like Artificial Intelligence and Machine learning, businesses are demanding more quicker and efficient solutions. Currently, the debt collection & recovery landscape heavily relies on manual intervention, which delays the entire collection & process. By implementing these technologies, banks and financial institutions are now focusing more on the strategy aspect of collection.
Mobicule Technologies was at the India NBFC Summit & Awards 2022, hosted by Synnex group.
Our Founder & Managing Director, Siddharth Agarwal moderated an insightful conversation around "Digital Loan Collections - The Next Big Thing in NBFC".